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Credit agency downgrades Resurrection.(News)(Resurrection Health Care )(Brief article)
Crain's Chicago Business, December, 2006 by Colias, Mike
Byline: Mike Colias Resurrection Health Care posted a $77.9-million operating loss in fiscal 2006, prompting New York-based credit rating agency Fitch Ratings to downgrade the Chicago hospital system's debt and revise its outlook from stable to negative. Fitch says the Catholic health network relies on profits from its flagship hospital, Resurrection Medical Center on the city's Northwest Side, to offset operating losses at six of its seven other hospitals.
Resurrection, the area's second-largest health chain behind Advocate Health Care, has been hurt by mounting bad debt and charity care, Fitch says. A Resurrection spokesman declines comment.
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